US Dollar Stablecoin USDC Debuts on Hyperliquid Platform, Granting Circle Ownership of HYPE Token
Hyperliquid, the leading onchain derivatives platform, has seen a significant boost with the partnership with stablecoin issuer Circle. This collaboration, announced recently, is set to bring about a new era for the decentralized finance (DeFi) sector.
Currently, USDC is the dominant dollar-backed stablecoin on Hyperliquid, with nearly $6 billion worth of USDC reserves held by the platform. Circle, known for its stablecoin USDC, has now launched it natively on Hyperliquid's HyperEVM, further strengthening the platform's position.
Hyperliquid's native cryptocurrency, HYPE, is currently trading around $53.81 with a market capitalization of $14.6 billion. The platform, which specializes in derivatives trading, has seen a remarkable growth, hitting $330 billion in trading volume in July and maintaining its position as the largest onchain derivatives platform, accounting for nearly $150 billion of September's monthly transaction volumes.
Circle's integration with Hyperliquid will allow USDC transfers across over a dozen supported networks, facilitating cross-chain exchanges. USDC is currently available on approximately two dozen networks with over $73 billion worth in circulation.
In a move to further bolster the platform, Circle has also invested in Hyperliquid and is considering becoming a validator for the network. About 430 million HYPE tokens are staked on the network, with top validators including Galaxy Digital, Flowdex, and the Hyper Foundation. Besides these, the validator Nansen x HypurrCollective has also established itself as a top validator for Hyperliquid.
Native Markets has been chosen to issue Hyperliquid's own stablecoin (USDH). They will manage Hyperliquid's USD reserves and issue USDH. The stablecoin will be released in stages on HyperEVM, starting with a small-scale testing phase.
Circle is also planning to integrate its Cross-Chain Transfer Protocol (CCTP v2) into Hyperliquid. This integration will enable various services to integrate with Hyperliquid, further expanding its capabilities.
The broader decentralized finance sector has expanded in 2025, with total value locked across all protocols rising to $158 billion. With Hyperliquid's continued growth and Circle's investment, this trend is expected to continue.
Circle went public on June 5, raising $1.1 billion and closing over 200% higher on its first trading day. This successful IPO underscores the confidence investors have in both Circle and Hyperliquid.
USDC and other stablecoins will continue to be supported on Hyperliquid, provided they meet certain requirements. This commitment to stability and security is a testament to Hyperliquid's dedication to its users and the wider DeFi community.
With Circle's investment and partnership, Hyperliquid is poised to continue its growth and lead the way in the decentralized finance sector.
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